Problem 2 (20 points). A university endowment fund is a collection of donations ofmoney or property to the university. Universities invest this money per directed bydonors or as they see fit. More information on what endowments are and what they docan be found here: https://www.investopedia.com/ask/answers/how-do-university-enBelow is a subset of Midwestern universities and their endowment funds for fiscal year2018:Endowment FY2018 (millions of dollars)InstitutionUniversity of MichiganNorthwestern UniversityUniversity of ChicagoOhio State UniversityUniversity of MinnesotaUniversity of Wisconsin foundationMichigan State UniversityUniversity of IowaUniversity of CincinnatiIowa State UniversityOklahoma State UniversityMedical College of WisconsinOberlin CollegeMarquette UniversityLoyola University of ChicagoUniversity of WyomingKansas State UniversityIllinois Institute of TechnologyHope CollegeRockhurst UniversityUniversity of Detroit Mercy11901.7611087.4597928.4855211.4343717.4762985.2512907.7671500.5461367.4261063.772983.881930.961905.947668.567643.806513.201480.375235.271225.65633.19958.674(a) Calculate the five-number summary for this data set, and give a boxplot. Commenton observations.(b) Find the 6oth percentile of this dataset./5

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Asked Dec 6, 2019
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Can you do Problem 2 questions (a) and (b)?

Problem 2 (20 points). A university endowment fund is a collection of donations of
money or property to the university. Universities invest this money per directed by
donors or as they see fit. More information on what endowments are and what they do
can be found here: https://www.investopedia.com/ask/answers/how-do-university-en
Below is a subset of Midwestern universities and their endowment funds for fiscal year
2018:
Endowment FY2018 (millions of dollars)
Institution
University of Michigan
Northwestern University
University of Chicago
Ohio State University
University of Minnesota
University of Wisconsin foundation
Michigan State University
University of Iowa
University of Cincinnati
Iowa State University
Oklahoma State University
Medical College of Wisconsin
Oberlin College
Marquette University
Loyola University of Chicago
University of Wyoming
Kansas State University
Illinois Institute of Technology
Hope College
Rockhurst University
University of Detroit Mercy
11901.76
11087.459
7928.485
5211.434
3717.476
2985.251
2907.767
1500.546
1367.426
1063.772
983.881
930.961
905.947
668.567
643.806
513.201
480.375
235.271
225.656
33.199
58.674
(a) Calculate the five-number summary for this data set, and give a boxplot. Comment
on observations.
(b) Find the 6oth percentile of this dataset.
/5
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Problem 2 (20 points). A university endowment fund is a collection of donations of money or property to the university. Universities invest this money per directed by donors or as they see fit. More information on what endowments are and what they do can be found here: https://www.investopedia.com/ask/answers/how-do-university-en Below is a subset of Midwestern universities and their endowment funds for fiscal year 2018: Endowment FY2018 (millions of dollars) Institution University of Michigan Northwestern University University of Chicago Ohio State University University of Minnesota University of Wisconsin foundation Michigan State University University of Iowa University of Cincinnati Iowa State University Oklahoma State University Medical College of Wisconsin Oberlin College Marquette University Loyola University of Chicago University of Wyoming Kansas State University Illinois Institute of Technology Hope College Rockhurst University University of Detroit Mercy 11901.76 11087.459 7928.485 5211.434 3717.476 2985.251 2907.767 1500.546 1367.426 1063.772 983.881 930.961 905.947 668.567 643.806 513.201 480.375 235.271 225.656 33.199 58.674 (a) Calculate the five-number summary for this data set, and give a boxplot. Comment on observations. (b) Find the 6oth percentile of this dataset. /5

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Expert Answer

Step 1

(a)

 

The first quartile of the given funds is 513.201 and it is calculated by using the Excel function, “=QUARTILE(I2:I22,1)”. Here, the column I represents the funds.

The second quartile of the given funds is 983.881 and it is calculated by using the Excel function, “=QUARTILE(I2:I22,2)”.

The third quartile of the given funds is 2985.251 and it is calculated by using the Excel function, “=QUARTILE(I2:I22,3)”.

The minimum value of the given funds is 33.199 and it is calculated by using the Excel function, “=QUARTILE(I2:I22,0)”.

The maximum value of the given funds is 11901.76 and it is calculated by using the Excel function, “=QUARTILE(I2:I22,4)”.

 

The five-number summary for the given data set is,

 

Minimum value:                    33.199

First Quartile:                      513.201

Median or second quartile: 983.881

Third Quartile:                   2985.251

Maximum value:              11901.760

Step 2

Boxplot for the given observations:

 

Steps to construct box plot:

 

  • Select the data for funds in Excel.
  • Go to Insert.
  • Select box under Charts.

 

Excel Output:

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Box Plot 12000 10000 8000 6000 4000 2000

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Step 3

From the boxplot, it is clear that there are three observations lies apart from the remaining data values. That is, three observations are treated as outliers. Hence, there ar...

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